{"id":11144,"date":"2023-01-11T15:20:00","date_gmt":"2023-01-11T20:20:00","guid":{"rendered":"https:\/\/news.maryland.gov\/dhcd\/?p=11144"},"modified":"2023-01-11T11:56:46","modified_gmt":"2023-01-11T16:56:46","slug":"hogan-administration-announces-more-than-65-million-awarded-to-address-rising-construction-costs","status":"publish","type":"post","link":"https:\/\/news.maryland.gov\/dhcd\/2023\/01\/11\/hogan-administration-announces-more-than-65-million-awarded-to-address-rising-construction-costs\/","title":{"rendered":"Hogan Administration Announces more than $65 Million Awarded to Address Rising Construction Costs"},"content":{"rendered":"\n

As Part of Affordable Housing Package, Funding will go Toward 27 Rental Housing Projects and Assist the Construction of 2,149 Units<\/span><\/i>\u00a0<\/b><\/h2>\n

NEW CARROLLTON, MD <\/b>(January 11, 2023) \u2013 The Maryland Department of Housing and Community Development (DHCD) today announced the award of more than $65 million to 27 affordable housing projects to assist with the construction of 2,149 units amid rising construction costs and interest rates, as part of a <\/span>$200 million affordable housing initiative<\/span><\/a> announced earlier this year. DHCD established the Multifamily Capital Fund program to expand funding for projects with a high public purpose that need assistance due to financing gaps brought on by the pandemic, as well as the Construction Relief Fund and Development Relief Fund for projects that previously received state funding and are experiencing cost shortfalls.<\/span><\/p>\n

\u201cDuring our administration, we have provided financing and tax credits to create or preserve more than 28,000 affordable rental units across the state, an unprecedented level of production,\u201d said Governor Larry Hogan. \u201cThe additional funding provided through the affordable housing initiative to offset rising construction costs will help ensure the pipeline of new affordable housing opportunities isn\u2019t disrupted by rising interest rates, construction costs and supply chain issues.\u201d<\/span><\/p>\n

The awards are going to projects in Anne Arundel, Charles, Dorchester, Frederick, Howard, Montgomery, Prince George\u2019s, Talbot, and Queen Anne\u2019s counties, and in the City of Baltimore. To see the full list of project awards, visit <\/span>https:\/\/dhcd.maryland.gov\/Documents\/PressReleases\/Housing-Relief-Funds-Awards-January-2023.pdf<\/span><\/a>.<\/span><\/p>\n

The Multifamily Capital, Construction Relief and Development Relief funds are among a number of initiatives that were created to address the shortfalls for affordable housing projects, which also included an increase to the Rental Housing Financing Program funds for the 2022 competitive Low-Income Housing Tax Credit round and for ongoing projects that have yet to close financing.<\/span><\/p>\n

\u201cThese funds help ensure efforts to respond to a shortage of affordable housing are not delayed,\u201d said Acting Housing Secretary Owen McEvoy. \u201cThe $200 million affordable housing package is key to boosting economic growth and a successful recovery from the COVID-19 pandemic.\u201d<\/span><\/p>\n

Marylanders looking to access affordable rental housing can search and find current Maryland listings with accessibility features, amenities, affordability, and more at <\/span>MDHousingSearch.org<\/span><\/a>. Visitors to the site can also view information about future leasing opportunities for projects that are currently under construction.<\/span><\/p>\n

# # #<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As Part of Affordable Housing Package, Funding will go Toward 27 Rental Housing Projects and Assist the Construction of 2,149 Units\u00a0 NEW CARROLLTON, MD (January 11, 2023) \u2013 The Maryland Department of Housing and Community Development (DHCD) today announced the award of more than $65 million to 27 affordable housing projects to assist with the  Read the Rest…<\/a><\/p>\n","protected":false},"author":119,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[6,46,33],"tags":[],"class_list":["post-11144","post","type-post","status-publish","format-standard","hentry","category-affordable-housing","category-governor-hogan","category-press-releases"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/11144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/users\/119"}],"replies":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/comments?post=11144"}],"version-history":[{"count":4,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/11144\/revisions"}],"predecessor-version":[{"id":11150,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/11144\/revisions\/11150"}],"wp:attachment":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/media?parent=11144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/categories?post=11144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/tags?post=11144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}